For
the quarter ending March 2024, consolidated net sales (including other operating income) of Marico has increased 1.70% to Rs 2278 crore compared to quarter ended March 2023. Sales of India segment has gone down 0.18% to Rs 1,680.00 crore (accounting for 73.75% of total sales). Sales of International segment has gone up 7.36% to Rs 598.00 crore (accounting for 26.25% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 15.71% to Rs 486.00 crore. PBIT of India segment rose 12.25% to Rs 339.00 crore (accounting for 69.75% of total PBIT). PBIT of International segment rose 24.58% to Rs 147.00 crore (accounting for 30.25% of total PBIT).
PBIT margin of India segment rose from 17.94% to 20.18%. PBIT margin of International segment rose from 21.18% to 24.58%. Overall PBIT margin rose from 18.75% to 21.33%.
Operating profit margin has jumped from 17.54% to 19.40%, leading to 12.47% rise in operating profit to Rs 442.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.43% to 42.03%. Purchase of finished goods cost rose from 5.06% to 5.33%. Employee cost increased from 7.65% to 8.33%. Other expenses rose from 22.28% to 24.51%. Selling and administration expenses rose from 9.40% to 10.13%. Other income fell 77.94% to Rs 15 crore. PBIDT fell 0.87% to Rs 457 crore. Loan funds declined from Rs 608.00 crore as of 31 March 2023 to Rs 528.00 crore as of 31 March 2024. Inventories rose to Rs 1,336.00 crore as of 31 March 2024 from Rs 1,225.00 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,069.00 crore as of 31 March 2024 compared to Rs 1,015.00 crore as of 31 March 2023. Cash and bank balance rose to Rs 943.00 crore as of 31 March 2024 from Rs 756.00 crore as of 31 March 2023. Investments declined from Rs 1,096.00 crore as of 31 March 2023 to Rs 602.00 crore as of 31 March 2024.
PBDT fell 0.90% to Rs 440 crore. Provision for depreciation fell 4.65% to Rs 41 crore. Fixed assets increased to Rs 1,905.00 crore as of 31 March 2024 from Rs 1,451.00 crore as of 31 March 2023. Intangible assets increased from Rs 862.00 crore to Rs 863.00 crore.
Profit before tax down 0.50% to Rs 399.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 79 crore, compared to Rs 96 crore. Effective tax rate was 19.80% compared to 23.94%.
Minority interest decreased 33.33% to Rs 2.00 crore. Net profit attributable to owners of the company increased 5.30% to Rs 318.00 crore. Equity capital stood at Rs 129.00 crore as of 31 March 2024 to Rs 129.00 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 59.35% as of 31 March 2024 ,compared to 59.42% as of 31 March 2023 . Promoters pledged stake was 0.13% as of 31 March 2024 ,compared to 0.13% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Marico has declined 1.14% to Rs 9653 crore. Sales of India segment has gone down 2.98% to Rs 7,132.00 crore (accounting for 73.88% of total sales). Sales of International segment has gone up 4.48% to Rs 2,521.00 crore (accounting for 26.12% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 13.05% to Rs 2,157.00 crore. PBIT of India segment rose 10.92% to Rs 1,523.00 crore (accounting for 70.61% of total PBIT). PBIT of International segment rose 18.50% to Rs 634.00 crore (accounting for 29.39% of total PBIT).
PBIT margin of India segment rose from 18.68% to 21.35%. PBIT margin of International segment rose from 22.17% to 25.15%. Overall PBIT margin rose from 19.54% to 22.35%.
Operating profit margin has jumped from 18.54% to 20.99%, leading to 11.93% rise in operating profit to Rs 2,026.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 48.41% to 41.06%. Purchase of finished goods cost rose from 5.63% to 7.83%. Employee cost increased from 6.80% to 7.74%. Other expenses rose from 20.31% to 22.25%. Selling and administration expenses rose from 8.77% to 9.92%. Other income fell 1.39% to Rs 142 crore. PBIDT rose 10.95% to Rs 2168 crore. Provision for interest rose 30.36% to Rs 73 crore. Loan funds declined from Rs 608.00 crore as of 31 March 2023 to Rs 528.00 crore as of 31 March 2024. Inventories rose to Rs 1,336.00 crore as of 31 March 2024 from Rs 1,225.00 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,069.00 crore as of 31 March 2024 compared to Rs 1,015.00 crore as of 31 March 2023. Cash and bank balance rose to Rs 943.00 crore as of 31 March 2024 from Rs 756.00 crore as of 31 March 2023. Investments declined from Rs 1,096.00 crore as of 31 March 2023 to Rs 602.00 crore as of 31 March 2024.
PBDT rose 10.38% to Rs 2095 crore. Provision for depreciation rose 1.94% to Rs 158 crore. Fixed assets increased to Rs 1,905.00 crore as of 31 March 2024 from Rs 1,451.00 crore as of 31 March 2023. Intangible assets increased from Rs 862.00 crore to Rs 863.00 crore.
Profit before tax grew 11.13% to Rs 1,937.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 435 crore, compared to Rs 421 crore. Effective tax rate was 22.46% compared to 24.15%.
Minority interest increased 5% to Rs 21.00 crore. Net profit attributable to owners of the company increased 13.75% to Rs 1,481.00 crore.
Equity capital stood at Rs 129.00 crore as of 31 March 2024 to Rs 129.00 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 59.35% as of 31 March 2024 ,compared to 59.42% as of 31 March 2023 . Promoters pledged stake was 0.13% as of 31 March 2024 ,compared to 0.13% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 1,436.00 crore for year ended March 2024 from Rs 1,419.00 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 153.00 crore, compared to Rs 182.00 crore during the year ended March 2023.
Other Highlights
In
Q4 FY24, Domestic Volume increased by 3% and International up 10% in Constant
Currency compared to Q4 FY23.
Company’s
75%+ of the domestic portfolio either sustained or gained market share on MAT
basis.
In
Q4 FY24, Parachute Coconut Oil witnessed volume growth of 2% YoY, Saffola
Franchise volume grew in mid-single digit and hair oil segment witnessed 7% YoY
value growth.
In
Q4 FY24, in international business Bangladesh business increased by 8%, MENA up
19%, South Africa up 13% and South-East Asia remained flat on YoY basis.